Question

Compute the future value in year 8 of a $4,100 deposit in year 1 and another...

Compute the future value in year 8 of a $4,100 deposit in year 1 and another $3,600 deposit at the end of year 3 using an 10 percent interest rate. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)


  Future value $   
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Answer #1

We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.

A=4100*(1.1)^7+3600*(1.1)^5

=$13787.58(Approx).

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